Zain KSA, a leading Saudi Arabian telecommunications and digital services company, has officially entered the InsurTech space through a strategic joint venture with global insurance specialist Prevensure.
The Capital Market Authority has announced that it has approved separate applications by Chubb Arabia Cooperative Insurance Company and Saudi Reinsurance Company to increase their capital.
Bupa Arabia for Cooperative Insurance Company (Bupa Arabia), among the top insurers in Saudi Arabia, has received the non-objection of the Insurance Authority to its proposed restructuring into a holding company.
The Saudi Insurance Authority has approved the proposed merger between The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) and Buruj Cooperative Insurance Company.
Saudi Arabia's motor insurance sector is facing potential losses of up to SAR1bn ($266.5m) this year, according to a new report by Badri Management Consultancy, an international actuarial and risk advisory firm.
Health insurance premiums are projected to nearly double from SAR42bn ($11.2bn) in 2024 to SAR83bn in 2030, according to a white paper released by Bupa Arabia.
The Saudi Health Insurance Council is taking steps to expand the insurance coverage of individual workers. It is considering contracting with a specialised consulting firm to evaluate the current package of insurance benefits for this group of employees.
Allied Cooperative Insurance Group (ACIG) has received the approval of the Insurance Authority to increase the company's capital to SAR300m ($80m) from SAR291m.
Arabian Shield Cooperative Insurance Co has announced that it had reached a final agreement for SAR25m ($66.7m) as full and final compensation for all damages and losses arising from a 2022 fire incident.
The Insurance Authority (IA) has issued a circular directed at licensed insurance companies intending to enter into reinsurance agreements (Facultative or Treaty) or dealing with foreign reinsurance companies.